Fund Evaluator:

AB All Market Total Return A Overview

AB All Market Total Return A (ABWAX) is an actively managed Allocation Global Moderate Allocation fund. AllianceBernstein launched the fund in 2003.

The investment seeks to achieve the highest total return consistent with the Adviser's determination of reasonable risk. The Adviser allocates the fund's investments primarily among a number of asset classes, including equity securities, fixed-income securities, and a number of alternative asset classes and alternative investment strategies. The fund pursues a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world, including emerging market countries. Under normal circumstances, at least 40% of the fund's net assets will be invested in securities of non-U.S. issuers.

About AB All Market Total Return A (ABWAX)

There are 3 members of the management team with an average tenure of 9.01 years: Daniel Loewy (2013), Alexander Barenboym (2018), Defne Ozaltun (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. AB All Market Total Return A has 713 securities in its portfolio. The top 10 holdings constitute 35.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

AB All Market Total Return A is part of the Allocation global asset class and is within the Allocation fund group. AB All Market Total Return A has 47.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 23.5%. There is 23.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 46.8% (23.4% domestic bond, 23.4% foreign bond and 0.0% convertible bond). AB All Market Total Return A has 6.1% of the portfolio in cash.

Assets Under Management

The fund has $369 million in total assets, which is below the $947 million average for the Global Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

ABWAX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AB All Market Total Return A expense ratio is high compared to funds in the Global Moderate Allocation category. AB All Market Total Return A has an expense ratio of 1.14%, which is 9% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. AB All Market Total Return A has a portfolio turnover rate of 190%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.

Recently, in the month of July 2026, AB All Market Total Return A returned -0.2%, which earned it a grade of C, as the Global Moderate Allocation category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

AB All Market Total Return A has a trailing yield of 2.72%, which is above the 2.61% category average. The fund normally distributes its income annually and its capital gains annually.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

AB All Market Total Return A Grades

Year to date, the fund has returned 7.4%, 0.7 percentage points worse than the category, which translates into a grade of C. The fund has returned 14.6% over the past year (grade of C), 11.6% over the past three years (grade of C) and 4.0% per year over the past five years (grade of F) and 5.7% per year over the past 10 years (grade of F).

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